Axsome Therapeutics (NASDAQ:AXSM) Reaches New 52-Week High After Analyst Upgrade

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares reached a new 52-week high during trading on Tuesday after HC Wainwright raised their price target on the stock from $200.00 to $260.00. HC Wainwright currently has a buy rating on the stock. Axsome Therapeutics traded as high as $184.57 and last traded at $183.8160, with a volume of 390548 shares trading hands. The stock had previously closed at $177.27.

A number of other equities research analysts also recently issued reports on the stock. Piper Sandler boosted their target price on shares of Axsome Therapeutics from $148.00 to $223.00 and gave the company an “overweight” rating in a report on Friday. B. Riley started coverage on shares of Axsome Therapeutics in a research note on Wednesday, October 1st. They set a “buy” rating and a $179.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Axsome Therapeutics in a research report on Wednesday, October 8th. Morgan Stanley cut Axsome Therapeutics from an “overweight” rating to a “reduce” rating in a report on Thursday, January 8th. Finally, Wells Fargo & Company upped their price target on Axsome Therapeutics from $157.00 to $193.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Nineteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $202.00.

Insider Transactions at Axsome Therapeutics

In other news, CEO Herriot Tabuteau sold 91,705 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $132.34, for a total value of $12,136,239.70. Following the completion of the sale, the chief executive officer owned 7,229 shares of the company’s stock, valued at $956,685.86. This represents a 92.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark E. Saad sold 37,577 shares of the stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $165.18, for a total value of $6,206,968.86. Following the completion of the sale, the director owned 10,002 shares of the company’s stock, valued at approximately $1,652,130.36. This trade represents a 78.98% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 420,903 shares of company stock worth $63,552,838. 22.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Stanley Laman Group Ltd. acquired a new stake in Axsome Therapeutics in the third quarter worth $2,125,000. Swiss National Bank boosted its holdings in shares of Axsome Therapeutics by 6.9% during the second quarter. Swiss National Bank now owns 65,200 shares of the company’s stock valued at $6,806,000 after acquiring an additional 4,200 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Axsome Therapeutics by 55.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 203,632 shares of the company’s stock worth $21,257,000 after acquiring an additional 72,609 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Axsome Therapeutics by 62.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 294,771 shares of the company’s stock worth $35,800,000 after acquiring an additional 113,811 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Axsome Therapeutics by 154.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 4,424 shares of the company’s stock worth $462,000 after acquiring an additional 2,686 shares during the period. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Axsome Therapeutics Stock Performance

The company has a current ratio of 1.57, a quick ratio of 1.50 and a debt-to-equity ratio of 1.66. The company’s 50-day moving average is $156.51 and its two-hundred day moving average is $131.77. The stock has a market capitalization of $9.30 billion, a P/E ratio of -39.51, a P/E/G ratio of 9.74 and a beta of 0.44.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.12). The firm had revenue of $170.99 million during the quarter, compared to analyst estimates of $162.96 million. Axsome Therapeutics had a negative net margin of 40.90% and a negative return on equity of 277.31%. The business’s quarterly revenue was up 63.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Axsome Therapeutics, Inc. will post -2.79 EPS for the current fiscal year.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.